Q1. The audit of Joint Stock Company made compulsory by —-
Answer: Indian Companies Act, 1913
Q2. A person to do the auditing must be qualified as per the standards of the —-
Answer: Institute of Chartered Accountants of India
Q3. Audit may be defined as an official inspection of an individual’s or organization’s accounts,typically by —-
Answer: an independent body
Q4. Auditing is the systematic and scientific examination of the —- and —-
Answer: Books of a accounts; records of a business
Q5. There are three types of audits: (a)—-; (b) —-; and (c) —-
Answer: Correspondence audits; office audits; field audits
Q6. Audit is concerned with detailed examination of the complete accounting records but it does not involve the —-
Answer: preparation of accounts
Q7. Auditing without the —- is not possible. When the accountant finishes his work, the auditor starts his work.
Answer: prior existence of accounts
Q8. To determine and judge the reliability of the —- and the supporting accounting records of a particular financial period is the main purpose of the audit.
Answer: financial statement
Q9. Detection of fraud or errors is a —- objective of the audit.
Answer: Secondary
Q10. Overvaluation of closing stock or incorrect allocation of expenditure or receipt between capital and revenue are some of the examples of —-
Answer: Errors of principle
Q11. An audit of an organization performed by a body that is independent of the organization being audited is called —-
Answer: Third party audit
Q12. The —- object of auditing is to detect and prevent errors and frauds in the books of accounts
Answer: Subsidiary or Secondary
Q13. —- audit is performed to know the corporate social responsibility.
Answer: Social
Q14. —- is an audit to ensure you’re in compliance with relevant specifications, contract, or regulation.
Answer: Compliance audit
Q15. The present structure of a modern company has the —- as the focal point of the legal system governing them.
Answer: Shareholder
Q16. The annual audit is one of the cornerstones of —-
Answer: Corporate governance
Q17. The audit provides an —- on the way in which the financial statements have been prepared and presented
Answer: External and objective check
Q18. The books of account must be kept at the —-
Answer: Company’s registered office
Q19. The —- have the right of access to most of the registers, kept at the registered office of the company.
Answer: Shareholders
Q20. At every annual general meeting of a company, the Board of Directors must lay before the shareholders financial statements consisting of a —- and —-
Answer: Balance sheet; a profit and loss account (income statement)
Q21. The period covered by the income statement should not end on a date that is —- before the date of the annual general meeting unless the date of the general meeting is extended by the Registrar of Companies.
Answer: More than six months
Q22. The audited financial statements, together with a report by the Board of Directors, must be Notes sent to shareholders and trustees for debenture holders at least —- before the date of the annual general meeting.
Answer: 21 days
Q23. There is no need to prepare —- Accounts.
Answer: Group
Q24. All evidence should be evaluated based upon —-; —-; —-; —-; —-; —-
Answer: Valuation, completeness, classification, rating, mechanical accuracy, and analytical analysis
Q25. Testing the —- involves rechecking a sample of the computations and transfers of information from one document to the next.
Answer: Mechanical accuracy
Q26. Auditors shall conduct the audit of the financial statements of an entity with —-; —- and —-
Answer: Integrity; objectivity; independence
Q27. Except for —- , no auditor may be removed before the expiration of the period of appointment without the previous approval of the Government.
Answer: the first auditor
Q28. Every company with a total sales turnover or gross receipts over Rs. 4 million must have its accounts audited in accordance with the —-
Answer: Income Tax Act
Q29. —- audit is carried out only upon specific order of the government.
Answer: Cost
Q30. The amount and type of auditing evidence considered varies considerably based on the —- and —-
Answer: type of firm being audited; scope of the audit
Q31. Audit independence equates the term with an attitude and approach of objectivity by —- and integrity by —-
Answer: Being unbiased, fair, and impartial; being intellectually honest
Q32. Financial statements are often audited by —- for the purpose of enhancing confidence in their reliability.
Answer: independent accountants
Q33. —- is an essential auditing standard because it added justified credibility to financial statements.
Answer: Independence
Q34. The appearance of independence can be evaluated at —- and —-
Answer: the user’s perception of the individual auditor’s ability to be independent in particular unique circumstances; the general public’s view toward public accountants as a professional group
Q35. Duties and powers of the comptroller and Auditor-General of India can be divided into —- and —-
Answer: Audit; accounting functions
Q36. CAG also submits separate audit reports on all —- and —-, for which he is the sole auditor
Answer: statutory corporations; autonomous bodies
Q37. Auditor is —- in carrying out his work so that he is able to give an unbiased opinion based on the objective assessment of the facts.
Answer: Independent
Q38. Apart from the disqualifications laid down in Section 226, the Institute of Chartered Accountants of India has prepared its —- which is mandatory for its members.
Answer: Own code of ethics
Q39. —- means an office, which brings to the person holding it some pecunary gain or advantage or benefit.
Answer: An office or place of profit
Q40. A person is said to hold an office or Place of Profit if there is between him and the company —- in due discharge of his duties
Answer: Knowledge and skill
Q41. Only individual, possessing the requisite —- can be appointed as auditor of the company
Answer: A relationship of employer and employee; or such other person performs for and on behalf of the company certain acts under the control, direction or supervision of the company; also he is in receipt of consideration
Q42. In terms of Section 314(1), approval of shareholders by passing a special resolution in Notes general meeting will be required for appointment of —-; —- and —-
Answer: Any director; Partner in a firm in which a director is a partner; Relative of such director
Q43. Any office or place of Profit held by the following persons shall be excluded from the rigors of section 314 —-; —-; —- and —-
Answer: Managing Director; Manager; Banker; Trustee for the debenture holder
Q44. The most difficult type of misstatement to detect fraud is based on:
(a) Related party purchases
(b) Related party sales
(c) The restatement of sales
(d) Omission of a sales transaction from being recorded
Answer: (d) Omission of a sales transaction from being recorded
Q45. Which of the following statements is correct concerning the required documentation in working papers of fraud risk assessment undertaken by the auditor?
(a) All risk factors as mentioned in AAS4, should be considered and documented along with response to them.
(b) Document the identification of fraud risk factors along with response to them.
(c) Document material fraud, risk factors and response to them.
(d) No documentation in required.
Answer: (b) Document the identification of fraud risk factors along with response to them.
Q46. Which of the following is the most appropriate potential reaction of the auditor to his assessment that the risk of material misstatement due to fraud is high in relation to existence of inventory?
(a) Visit location on surprise basis to observe test counts
(b) Request inventory count at a date close to year end
(c) Vouch goods sent on approval very carefully
(d) Perform analytical procedures.
Answer: (a) Visit location on surprise basis to observe test counts
Q47. Which of the following is not likely to be a fraud risk factor relating to management’s characteristics?
(a) Tax evasion
(b) Failure to correct known weakness in internal control system
(c) Adoption of conservative accounting principles
(d) High management turnover
Answer: (c) Adoption of conservative accounting principles
Q48. Professional skepticism requires that the auditor assume that management is
(a) reasonably honest
(b) neither honest nor dishonest
(c) not necessarily honest
(d) dishonest unless proved otherwise
Answer: (b) neither honest nor dishonest
Q49. An auditor who accepts an audit but does not possess the industry expertise of the business entity should
(a) engage experts
(b) obtain knowledge of matters that relate to the nature of entity’s business
(c) inform management about it
(d) take help of other auditors
Answer: (b) obtain knowledge of matters that relate to the nature of entity’s business
Q50. An auditor obtains knowledge about a new client’s business and its industry to
(a) Make constructive suggestions concerning improvements to the client’s internal control system.
(b) Evaluate the appropriateness of audit evidence obtained
(c) Under stand the events and transactions that may have an effect on client’s financial statements.
(d) All of the above
Answer: (c) Under stand the events and transactions that may have an effect on client’s financial statements.
Q51. Which of the following sections deal with qualifications of the auditor ?
(a) Section 226 (1) and section 226(2)
(b) Section 224 (1) and section 224 (2)
(c) Section 226 (3) and section 226(4)
(d) Section 224(3) & Sec. 224
Answer: (a) Section 226 (1) and section 226(2)
Q52. The sequence of steps in the auditor’s consideration of internal control is as follows –
(a) Obtain an understanding, design substantive test, perform tests of control, make a preliminary assessment of control risk
(b) Design substantive tests, obtain an understanding, perform tests of control, make a preliminary assessment of control risk
(c) Obtain an understanding, make a preliminary assessment of control risk, perform tests of control, design substantive procedures.
(d) Perform tests of control, obtain and understanding, make a preliminary assessment of control risk, design
Answer: (c) Obtain an understanding, make a preliminary assessment of control risk, perform tests of control, design substantive procedures.
Q53. Which of the following is not an inherent limitation of internal control system?
(a) Management override
(b) Collusion among employees
(c) Inefficiency of internal auditor
(d) Abuse of authority
Answer: (c) Inefficiency of internal auditor
Q54. An auditor should study and evaluate internal controls to
(a) determine whether assets are safeguarded
(b) suggest improvements in internal control
(c) plan audit procedures
(d) express and opinion
Answer: (c) plan audit procedures
Q55. XYZ Ltd. conducts quarterly review of operations. It discovers that unrest in a south east Asian country may affect the supply of raw materials to it the next quarter. This is an example of :
(a) risk assessment
(b) control procedure
(c) supervision
(d) control environment
Answer: (a) risk assessment
Q56. Main benefits from planning audits are —-; —- and —-
Answer: Helps the auditor obtain sufficient appropriate evidence for the circumstances; keep audit costs at a reasonable level; avoid misunderstandings with the client
Q57. —- is an important part of determining audit risk.
Answer: Client acceptance and continuance
Q58. —- states that audit firms should establish policies and procedures for the acceptance and continuance of client relationships
Answer: ISQC 1
Q59. ISA 210 describes the contents of an —-
Answer: Engagement letter
Q60. The terms of the engagement include consideration of —-
Answer: The objective, scope, and report of the audit) by who (the staff) and for how much (the fee)
Q61. The purpose of the overall audit strategy is to develop an effective response to the —-
Answer: Risk of material misstatement
Q62. —- defines an expert as a person or firm possessing special skill, knowledge, and experience in a particular field other than accounting and auditing.
Answer: ISA 620
Q63. —- affects client business risk and the risk of material misstatement in the financial statements.
Answer: The nature of the clients business and industry
Q64. External environment of a client including —-; —-; —- and —-
Answer: Economic conditions; impact of competition; reporting obligations; legal and regulatory requirements
Q65. —- stresses the importance of all members of the audit team understanding the potential risk of misstatements in each client’s financial statements.
Answer: ISA 315
Q66. To ensure efficient and effective conduct of audit assignment —- are used.
Answer: Audit programs
Q67. An audit is expected to detect non-compliance with all laws and regulations.
(a) True
(b) False
Answer: (b) False
Q68. Non-compliance refers to acts of omission or commission by the entity being audited, either intentional or unintentional, which are contrary to the prevailing laws or regulations.
(a) True
(b) False
Answer: (a) True
Q69. Consideration of laws and regulations does not apply to other assurance engagements in which the auditor is specifically engaged to test and report separately on compliance with specific laws or regulations.
(a) True
(b) False
Answer: (a) True
Q70. Management’s responsibility is to ensure that —- are conducted in accordance with the provisions of laws and regulations.
Answer: Entity’s operations
Q71. The auditor is responsible for obtaining assurance that the financial statements are free from —- caused by fraud or error
Answer: Material misstatement
Q72. Non-compliance may involve acts designed to conceal it, such as —-; —-; —-; —-; —-
Answer: Collusion; forgery; deliberate failure to record transactions; management override of controls; or intentional misrepresentations made to the auditor
Q73. Auditor’s Duty against non compliance —-; —-; —- and —-
Answer: Duty to understand the entities Environment and to obtain general understanding; Duty to obtain sufficient appropriate audit evidence; Duty to execute procedures; Duty to get Representations by Management
Q74. Documentation of findings by auditor include copies of —- and —-
Answer: Records and documents; making minutes of conversations
Q75. The auditor’s duty of confidentiality would ordinarily preclude reporting non-compliance to a —-
Answer: Third party
Q76. When an auditor conducts the audit of accounts of a business entity three fundamental accounting assumptions that he must keep in mind are —-; —- and —-
Answer: Going Concern; Consistency; Accrual
Q77. The internal audit activity is led by the —-
Answer: Chief Audit Executive (CAE)
Q78. The purpose of internal audit is to evaluate the —-
Answer: Internal check system
Q79. Internal checking is an accounting procedure or physical control to safeguard —- due to fraud or other irregularities.
Answer: Assets against loss
Q80. Methodology for internal evaluation include:—-; —- and —-
Answer: Appraisal by workflow; appraisal by duties; appraisal by questionnaire
Q81. Answers of internal control questionnaire are compiled by the auditor on the basis of his —- with the auditee.
Answer: Observations and personal interaction
Q82. The corrective action taken for rectification by the management and its periodic assessment through —- method enables the fulfillment of the principal objectives of internal control procedures.
Answer: the Systems Control Evaluation
Q83. The auditor should obtain an understanding of the significance and —- of the EDP activities.
Answer: Complexity
Q84. Transaction is exchanged electronically with other —- in Electronic Data Interchange (EDI) systems.
Answer: Organizations
Q85. The usual controls based on proper segregation of incompatible functions may be absent or may be less —- in an EDP environment.
Answer: Effective
Q86. Transactions and master file data are often concentrated either in one computer installation located centrally or in a number of —- distributed throughout the enterprise.
Answer: Installation
Q87. The extended use of computers by companies of all size has stimulated changes in the —- approach.
Answer: Auditor’s
Q88. Prior to selecting a computer audit package, a review should be made of the generalized computer audit program systems that have been —- by other organizations.
Answer: Developed
Q89. An auditor uses various Computer assisted Audit —- to carry out audit procedures while auditing through the computer.
Answer: Techniques
Q90. Under integrated test data approach, the auditor creates a —- entity within the client’s actual data.
Answer: Fictitious
Q91. Vouching is an act of comparing entries in the books of accounts with documentary evidence in support.
(a) True
(b) False
Answer: (a) True
Q92. Vouching does not indicate about that transaction, which is omitted from the books of account.
(a) True
(b) False
Answer: (b) False
Q93. The vouchers are considers correct only when the proper authority signs on them.
(a) True
(b) False
Answer: (a) True
Q94. The stamps are required according to the valuation of the amount or cash memo.
(a) True
(b) False
Answer: (a) True
Q95. The senior auditor instead of signature or initials he can use stamps for checking the vouchers can use the rubber stamps.
(a) True
(b) False
Answer: (a) True
Q96. Voucher is a piece of paper or a document that confirms the truth of a happening and confirm either the —-
Answer: Payment or receipt of money
Q97. Vouching also involves —- and —- relating to recording of transactions.
Answer: evaluation of internal checks; examination of internal controls
Q98. The only evidence available on account of Receipts from Debtors is the —-
Answer: counterfoils of the receipts issued to the debtors
Q99. Interest received on account of fixed deposits in the bank account should be vouched with the —-
Answer: bank pass book
Q100. After having satisfied himself that there is a good internal check system regarding the purchase, the auditor should now proceed to vouch the —-
Answer: Purchase Book
Q101. The auditor should vouch the Day Book or the Sales Book which records only —-
Answer: credit sales
Q102. —- is the ledger which contains the creditor’s accounts.
Answer: bought ledger
Q103. —- can be vouched with the help of the audited balance sheet of the previous year
Answer: The ledger
Q104. —- is ledger which contains the accounts of the debtors
Answer: sales ledger
Q105. Analytical procedures for financial audit refer to —-
Answer: Comparisons between historical and current-year data; evaluations of key ratios; appraisals of financial trends
Q106. —- involves the assessment of the effectiveness of an entity’s suite of controls, concentrating on such areas as proper authorization, the safeguarding of assets, and the segregation of duties.
Answer: Internal controls testing
Q107. —- is the risk of loss from business partner defaults and is measured by internal rating models.
Answer: Credit risk
Q108. Auditing starts with the income section by confirming that the total revenue amount is equal to the sum of the —-
Answer: income lines
Q109. Owner’s equity is the difference between the —-
Answer: revenue and expenses
Q110. Stocks should be valued at —-
Answer: net realizable value
Q111. Auditor should test check the share application forms and vouches their respective entries in the —-
Answer: cashbook
Q112. The fixed asset balance, which deals with assets that can’t easily be converted into cash, is a common —- on an entity’s financial statements.
Answer: material account balance
Q113. All cash collections are paid to the holders or lenders of beneficial interests in the SPV.
(a) True
(b) False
Answer: (a) True
Q114. For PMS transactions separate serial number need not be maintained.
(a) True
(b) False
Answer: (b) False
Q115. The objective of Investments are statutory requirements and to deploy surplus liquidity and floats for generating optimum returns.
(a) True
(b) False
Answer: (a) True
Q116. The originating bank transferring the assets to the SPV should not hold any interest, direct or indirect in the Trustee Company.
(a) True
(b) False
Answer: (a) True
Q117. Depreciable assets are defined as having a determinable life span exceeding one year and for which a value can be calculated.
(a) True
(b) False
Answer: (a) True
Q118. If the auditor already holds the appointment as auditor in the specified number of companies as per —-, he will be disqualified for further appointment as auditor in any other company.
Answer: Section 224(1-13)
Q119. Practicing chartered accountants, a person holding a certificate under the —- is also qualified to be appointed as auditor of a company.
Answer: Restricted auditor’s certificate rules, 1965
Q120. Disqualification of an auditor is given under section —-
Answer: Sec 226 (3)(4)(5)
Q121. The auditors are to be appointed by the —- of the company in an —- by passing an ordinary resolution shareholders
Answer: Shareholders; Annual General Meeting
Q122. Mr. Narayan, a Charted Accountant, has nineteen audits, Out of following audits which audits should he accept to ensure he doesn’t violate provisions of section 224(IB) __
(a) Audit of Zeba Ltd. a private company
(b) Audit of branch of Pointec Ltd. a foreign company
(c) Audit of two branches of Virtue Ltd. an Indian company
(d) All of them
Answer: (d) All of them
Q123. Who is responsible for the appointment of statutory auditor of a limited company?
(a) Directors of the company
(b) Members of the company
(c) The Central Government
(d) All of the above
Answer: (b) Members of the company
Q124. Which of the following statement is not true?
(a) A partnership firm can be appointed as a statutory auditor of limited company
(b) Appointment can be made in the name of the firm
(c) Majority of the partners should be practicing in India
(d) All partners should be chartered accountants
Answer: (c) Majority of the partners should be practicing in India
Q125. As per the requirements of section 226(3) and 226(4) a person is disqualified from being appointed as a statutory auditor if he holds
(a) Equity shares or debentures of the company
(b) Equity shares carrying voting of the company
(c) Shares carrying voting rights of the company
(d) Security carrying voting rights of the company
Answer: (d) Security carrying voting rights of the company
Q126. The Board of Directors shall appoint first auditor of a company
(a) With in one month of completion of capital subscription state of the company
(b) With in one month of the promotion of the company
(c) With in one month of the commencement of the business of the company
(d) With in one month of incorporation of the company
Answer: (b) With in one month of the promotion of the company
Q127. The term of the auditor ship of first auditor would be from the date of appointment till —-
(a) the conclusion of statutory meeting
(b) the conclusion of first annual general meeting
(c) the conclusion of next annual general meeting
(d) the date of removal
Answer: (b) the conclusion of first annual general meeting
Q128. The independence of an internal auditor will most likely be assured if he reports to the
(a) President Finance
(b) President System
(c) Managing Director
(d) CEO
Answer: (c) Managing Director
Q129. Proper segregation of duties reduces the opportunities in which a person would both
(a) establish controls and executes them
(b) records cash receipts and cash payments
(c) perpetuate errors and frauds and conceals them
(d) record the transaction in journal and ledger.
Answer: (c) perpetuate errors and frauds and conceals them
Q130. Life Insurance Corporation of India holds twenty five percent of subscribed capital of XYZ Ltd. The appointment of statutory auditor in XYZ Ltd. Would be by —-
(a) Ordinary resolution
(b) Special resolution
(c) (a) or (b)
(d) None of the above
Answer: (b) Special resolution
Q131. ICICI prudential, a life insurance company, holds thirty two percent of subscribed share capital of Delta Ltd. The statutory auditor of Delta Ltd. would be appointed by —-
(a) Ordinary resolution
(b) Special resolution
(c) Either of the above
(d) None
Answer: (a) Ordinary resolution
Q132. It is not obligatory on the part of the officers of the Company to furnish the relevant information to the auditor.
(a) True
(b) False
Answer: (b) False
Q133. The Right of an auditor to have access to the books of accounts is not extinguished by the winding up of the company.
(a) True
(b) False
Answer: (a) True
Q134. The term “at all times†enables the auditor to check the records without waiting for financial year to end or office business hours
(a) True
(b) False
Answer: (b) False
Q135. Government approval for appointment of Cost Auditor for carrying out such Cost Audit was earlier considered necessary.
(a) True
(b) False
Answer: (b) False
Q136. Cost audit is an audit process for verifying the cost of manufacture or production.
(a) True
(b) False
Answer: (a) True
Q137. Individual Cost Audit Orders for the companies or products are issued by the Cost Audit Branch, Ministry of Corporate Affairs for year 2011-12
(a) True
(b) False
Answer: (b) False
Q138. Default by the company in repayment of dues to a financial institution or bank is to be mentioned under new clause.
(a) True
(b) False
Answer: (a) True
Q139. With the introduction of CARO, the responsibility of the auditors as well as the companies to which this report applies has not changed much.
(a) True
(b) False
Answer: (b) False
Q140. Clause relating to unserviceable or damaged stores, raw materials or finished goods has been removed from CARO
(a) True
(b) False
Answer: (a) True
Q141. The objective of a management audit is not to appraise individual executive performance, but to evaluate the management team in relation to their —-
Answer: Competition
Q142. Three basic evaluation methods exist for any work activity includes inspection, compliance auditing and —-
Answer: Management auditing
Q143. Management audits, which are generally performed internally, are compliance audits plus —-
Answer: cause-and-effect analysis
Q144. A banking company requires maintaining the books of account in accordance with section 209 of the Companies Act —-
Answer: 1956
Q145. The financial position of a bank is depended on the condition of assets, loan, investment, cash balanced and those of its —-
Answer: Liabilities and fund
Q146. The large PSBs having balance sheet size (assets + liabilities) of above ` —- can exercise managerial autonomy in regard to appointment of SBAs from the year 2008-09 onwards
Answer: 1 lac crore
Q147. The aims of the society should not be inconsistent with the principles of social justice, and its bylaws not contrary to the provisions of the —-
Answer: KCS Act and Rules
Q148. With sanction of —- Co-operative societies may also borrow from credit agencies subject to the limits and conditions prescribed.
Answer: State Government
Q149. While the main object of a —- is to earn profit, the object of a —- is to render service to its members.
Answer: Joint Stock Company; Co-operative Society
Q150. Proper classification of assets and provisioning of cooperative institutions are based on —-
Answer: IRAC Norms
Q151. Co-operative Society shall not make a loan to any person other than a —-
Answer: Member
Q152. —- main role is preparation of financial statements and auditor’s report of insurance companies.
Answer: IRDA
Q153. —- is the actual claims paid less adjustments for reinsurance recoveries on Notes them and provisions for claims outstanding as on the date of financial reporting.
Answer: Incurred Claims
Q154. A new concept called ‘Premium Deficiency’ was brought in by IRDA as a measure for augmenting policyholders’ funds, it mandated that if the sum of expected claims costs, related expenses etc. exceed the —- the said excess is to be recognized as Premium Deficiency.
Answer: URR
Q155. Bona fide partnerships entail the joint contribution of capital or services for the purpose of carrying on a business or investment activity in which the partners share profits and losses.
(a) True
(b) False
Answer: (a) True
Q156. Like a corporation, which is taxed as a separate entity, a partnership is also taxpaying entity.
(a) True
(b) False
Answer: (b) False
Q157. Partnership firm is a firm registered or unregistered as per the Partnership Act, 1932.
(a) True
(b) False
Answer: (a) True
Q158. If turnover of a partnership firm exceeds 40 Lakhs/annum, it is subject to Tax Audit as per 44 AB of Income Tax Act
(a) True
(b) False
Answer: (a) True
Q159. Audit of consolidated financial statements, if the audit partner is responsible for key decisions or judgments on significant matters with respect to the consolidated financial statements, that individual would be considered to be —-
Answer: a key audit partner
Q160. Auditor should carefully study the clauses of the deed regarding the salary of partners, interest on the capital, and interest on —-
Answer: drawings
Q161. The auditor of a Government Company shall be appointed or reappointed by the Central Government on the advice of the —-
Answer: comptroller and auditor general of India
Q162. The Companies’ Amendment Act —- has enlarged the concept of Government Company for the purposes of audit.
Answer: 1974
Q163. Section 620 has been amended by the Companies’ Amendment Act, 1977 to permit the period of —- to be completed in one session or in two or more successive sessions
Answer: 30 days
Q164. At present, Section 209 (4A) of the Act requires companies to preserve the —-, together with the vouchers relevant to any entry in such books of account, in good order, relating to a period of not less than —- immediately preceding the current year.
Answer: books of accounts; 8 years
Q165. The auditor appointed or reappointed for Government company audit does not hold appointment as auditor in more than —- companies, of which not more than ten could be companies, with paid-up share capital of ` —- or more.
Answer: twenty; 25 lakhs
Q166. At present, the Companies Act contains provisions relating to maintenance of —- under section 209 (1) (d) and Cost Audit under section 233B of the Companies Act in respect of specified industries.
Answer: Cost Records
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